Mumbai (Maharashtra) [India], Oct 31: ICICI Bank said on Thursday it has crossed a milestone of issuing two million FASTag till date, the most by any financial institution in the country. The bank aims to double the number in next six months. ICICI commands more than half of the market share in terms of the number of transactions on FASTag. In terms of value, the bank’s share is even higher at 60 per cent.
FASTag is a brand name owned by Indian Highways Management Company Ltd (IHMCL) which carries out electronic tolling and other ancillary projects of NHAI. The total toll market of the country is estimated to be Rs 20,000 crore a year. Out of 29 million FASTag transactions across the industry in September, ICICI Bank undertook nearly 15.4 million transactions totalling nearly Rs 395 crore.
“We believe that FASTag substantially enhances the convenience for motorists by curbing congestion at toll locations as drivers do not have to stop and pay the fee, thereby saving their time,” said Sudipta Roy, Head of Unsecured Assets at ICICI Bank. “With the current mandate of making FASTag mandatory for all toll plazas, we aim to double our portfolio to four million FASTag in next six months,” he said in a statement.